Why use a Business Mentor?
Posted on 30th August 2022 at 17:09
Solo planning and decision making when maximising business performance can be risky. When done in partnership with an executive business mentor this eliminates the risks and provides guidance and support on the way to higher performance. Clearly the right business mentor needs to have extensive experience and a successful track record of relevance to the business in question. Choose the best business mentor for you and work on the following developments together:
Financial
Structure
Market
Strategy
3 Year
Plan
Measuring Performance
Board Decisions
Staff Motivation
Financial Structure for Growth
Develop an organisational and financial structure which recognises the revenue and profit drivers in the business. Get this right and you’ve created a platform which enables higher growth to be achieved.
Winning Market Strategy
Tactical marketing is common but strategic marketing is less so. A business must be positioned with competitive advantage in its market sectors. Competing on price alone is a poor strategy. Winning is being more successful than your competitors in terms of quotes won and better margins.
Three Year Business Planning
More than spreadsheets but how revenue and profit is going to be achieved. A vital tool for motivating staff, making the case for funding or to support any exit plans. This process elaborates on each component of your winning market strategy.
Marketing Performance Measurement
Marketing needs metrics to measure return on marketing investment. Marketing staff must have relevant KPIs. Marketing is rather more than a presence on various media. It’s a factory for production of actionable sales opportunities with higher conversion rates.
Better Board Decision Making
Preparation, proper documentation in advance and effective chairmanship are key to enabling good decision making. A board must be creative, constructive and delegating to key people. Good decisions actioned by your best executives result in increased business performance.
Motivated Staff Drives Revenues
It’s not just about money! Staff who are trained, appraised regularly, understand how they contribute to the success of the business and are helped to advance their careers are loyal and committed. You can’t run a growing and financially successful business on your own!
Russ Nathan and Associates has recently mentored two particular clients as they progressed on this journey. One business has tripled their turnover in the last three years and the other business is now achieving 25% year on year growth.
Clients We Work With
Recycling
£20m turnover company which reached a crisis point due to losing direction, having a CEO with his own agenda, non conventional management practices and no comprehensive forward plan. After just 9 months we now have a chairman back in charge of a financial and management structure which will achieve >25% growth in revenues and profits year on year. I continue to mentor the chairman.
Construction
£4m turnover company in fibrous plastering for historic and modern buildings. After 18 months the company has been transformed from three directors sharing the operations to profit centred structure which has seen revenues and profits doubled in this period. The remaining challenge is to develop synergy between the marketing and sales functions in order to continue this rapid growth.
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